C&W Completes Sale of Miami International Logistics Center
- Jun 19, 2017
Cushman & Wakefield brokered the sale of Miami International Logistics Center, a 506,300-square-foot warehouse and distribution facility in Hialeah, Fla. The property, a prime infill redevelopment opportunity, traded in a $27.4 million deal.
Keating Resources sold the industrial asset to Dallas-based Lincoln Property Company. Located at 725 SE 9th Court, Miami International Logistics Center sits on an approximately 20.6-acre site and was developed in 1960. The facility was 88 percent leased at the time of sale. According to public records, the property last traded in 2013, when Keating Resources acquired it from AEW Capital Management for $11.3 million.
The advisory team led by Executive Managing Director Mike Davis, executive directors Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the deal in conjunction with the South Florida industrial brokerage team of Executive Director Wayne Ramoski and Director Gian Rodriguez. Additionally, the C&W Florida multifamily brokerage team of Vice Chairman Robert Given and Senior Managing Director Troy Ballard helped facilitate the transaction.
Access To Regional Trade Routes
Ideally situated in Central Miami, the site is one-half mile northeast of Miami International Airport and a short drive from Port Miami. The location provides access to regional land trade routes via Interstates 95 and 75, Florida’s Turnpike, Airport Expressway, Dolphin Expressway, Palmetto Expressway and Ronald Reagan Turnpike.
“The site is well-positioned for the execution of a near-term redevelopment or mid-term hold due to the in-place cash flow,” said Davis in a prepared statement. “Redevelopment has strong support from the local government and has received multiple approvals, designations and offers for incentives related to future redevelopment and job creation,” added Ramoski.
Image courtesy of Keating Resources